The analysis reveals that just 36 fossil fuel companies are responsible for half of the world’s climate-heating carbon emissions. The report, which builds on previous versions used in legal cases against both companies and investors, highlights that these firms produced fossil fuels—coal, oil, and gas—that are significantly driving global warming. In 2023 alone, these companies generated more than 20 billion tonnes of CO2 emissions. The study underscores the need to hold these corporations accountable for their disproportionate contribution to the climate crisis.
Major players such as Saudi Aramco, Coal India, ExxonMobil, Shell, and several Chinese companies are at the forefront of this issue. For instance, if Saudi Aramco were considered a country, its production would rank as the fourth largest polluter globally, trailing only China, the US, and India. Similarly, ExxonMobil’s emissions are comparable to those of Germany, which stands as the ninth largest polluter. Such comparisons serve to emphasize the enormous scale of fossil fuel production and its severe environmental impacts. The report also outlines that fossil fuels from these companies not only drive current climate change but also exacerbate extreme weather events, affecting lives and livelihoods worldwide.
The urgency of the situation is further stressed by the finding that global emissions need to drop by 45% by 2030 in order to limit global temperature rise to 1.5°C—the internationally agreed target. Yet, emissions continue to increase despite this critical goal. The International Energy Agency has warned that any new fossil fuel projects initiated after 2021 are incompatible with achieving net-zero emissions by 2050, highlighting the systemic challenges in moving away from fossil fuels. Notably, the Carbon Majors database indicates that out of 169 companies assessed, most increased their output in 2023, which coincided with the hottest year on record. This persistent upward trend is directly linked to a reliance on fossil fuels that appears to have no immediate signs of slowing down.
The report also documents the role of state-owned enterprises, which dominate the group of 36 companies, with 25 being under government control. Among these, ten are based in China—the world’s largest polluting nation—while shareholder-owned companies such as Petrobras and Eni are also significant contributors. The analysis further reveals that coal accounted for 41% of the emissions in 2023, followed by oil (32%), gas (23%), and cement (4%). Over time, the historical data spanning from 1854 to 2023 shows that two-thirds of all carbon emissions from fossil fuels since the Industrial Revolution have come from 180 companies, 11 of which are no longer operational.
This mounting evidence of fossil fuel overproduction has bolstered legal and regulatory initiatives worldwide. In the US, for example, data from the report has supported laws in New York and Vermont that seek to hold companies financially responsible for climate damages. Legal advocates and environmental organizations have cited the findings in arguments for potential criminal charges against fossil fuel executives and in regulatory actions, particularly in cases involving misleading information to investors about CO2 emissions.
Critics argue that without a shift to a decarbonised economic system, the current trajectory of fossil fuel extraction will continue to fuel global warming. With calls for an urgent end to fossil fuel expansion, many experts, including figures from influential organisations and think tanks, stress that governments must step in to curb production. The cumulative impact of these companies is not only evident in legal and regulatory battles but also in the relentless growth of CO2 emissions that further jeopardize the planet’s future.